For some people, the opportunity to own a business really is a dream come true, and being a franchise owner is a great way to get the benefits of business ownership without a lot of the risks involved with starting out on your own. But the truth is that not everyone is cut out to be their own boss.
What to know if you’ve got what it takes? Take a look at the following questions to see if you’re cut out to be a franchise owner before you invest in your own franchise.
Franchise Quiz – 8 Questions You Need to Ask Yourself
- Do you like your comfort zone?
If you like the safety net of full time employment, business ownership might not be for you. You’ll be giving up paid sick leave, company benefits and a steady pay check but you’ll be gaining an opportunity to attain financial freedom and the thrill and pride of working for yourself. It’s up to you to decide if it’s worth it.
- Are you ready to make sacrifices?
Being a paid employee is relatively easy. You know your job description and you go home when the job is done. When you’re the boss you live and breathe the job and it takes serious commitment to make it work. Are you read to make the sacrifices required to find success?
- Are you physically and emotionally capable?
Different franchise opportunities will require a different level of physical investment and it’s important to be realistic about what will be expected of you both physically and emotionally during the set up stage of the franchise and in the long term.
- Do you have a strong support network?
Are you surrounded by business people who understand the sacrifices involved in owning a business? Do you have a supportive family or partner who can help you achieve your goals and take care of your other commitments while you focus on the business?
- Are you a team player?
Franchising allows you a lot of freedom to excel but it does also require commitment to the franchisor and that means you’ll need to be willing to work as part of a team. The good news is you’re all working toward the same goal – but if you’re more of a loner franchising might not be for you.
- Do you have a back-up plan?
What if you get sick and you’re unable to work? Or your partner does? When you’re a business owner you can’t just take time off sick so it’s important to have a contingency plan in place just in case unexpected things crop up.
- Do you have the funds?
Are you in a financial position to buy a franchise? And if not, where are you going to get your capital? Do you have friends or family who are willing to invest in you? Or will you approach a bank for finance?
- Are you ready for the ride of your life?
If you’re ready to talk to someone about opening your own franchise we’re here to help. Kwik Kopy is one of Australia’s top rated franchise opportunities. Contact the team to day to find out why.
Passed the test? It’s time to call Kwik Kopy about our latest franchising opportunities!